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<br /> <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the following events or <br />conditions: <br />a. default in the payment or performance of any obligation contained herein or in the <br />Promissory Note or Loan Contract; <br />b. dissolution, termination of existence, insolvency, business failure, appointment of a <br />receiver of any part of the property of, assignment for the benefit of creditors by, or the <br />commencement of any proceeding under any bankruptcy or insolvency law of, by or <br />against DEBTOR; or <br />c. the making or furnishing of any warranty, representation or statement to SECURED <br />PARTY by or on behalf of DEBTOR which b!lto have been false in any material <br />respect when made or furnished. ,C-J. r-,... <br />UPON SUCH DEFAULT and at any~!therea ~CURED PARTY may declare all <br />Obligations secured hereby immediately d~Ja PJii'l~d shall have the remedies of a <br />secured party under Article 9 of the Colorado Um OrilC4 rei,. Code. SECURED PARTY may <br />require DEBTOR to deliver or make the PLEDGED PROPER ~Ie to SECURED PARTY at a <br />place to be designated by SECURED PARTY which is reasonably convenient to both parties. <br />Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURED <br />PARTY'S reasonable attorney's fees and legal expenses. <br />The SECURED PARTY shall give the DEBTOR written notice of any alleged default <br />and an opportunity to cure within thirty (30) days of receipt of such notice before the DEBTOR <br />shall be considered in default for purposes of this Security Agreement. No default shall be <br />waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of any default <br />shall operate as a waiver of any other default or of the same default on a future occasion. The <br />taking of this security agreement shall not waive or impair any other security SECURED PARTY <br />may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking <br />of any such additional security waive or impair this security agreement; but SECURED PARTY <br />shall retain its rights of set-off against DEBTOR. In the event court action is deemed necessary <br />to enforce the terms and conditions set forth herein, said action shall only be brought in the <br />District Court for the City and County of Denver, State of Colorado, and DEBTOR consents to <br />venue and personal jurisdiction in said Court. <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and <br />assigns; and all promises and duties of DEBTOR shall bind its successors or assigns. <br />",;. BORROWER: Lower Arkansas Water <br />o",rr. .ll' <br />", ,~! . Management Association, a Colorado <br />.,. #) ,.f' '..', nonprofit corporation <br />' ,1 <' V' , <br />~ .. ' ,... t E ~,i ~~ ~ ~;. <br /> <br />.' ~ l) :- v CiO R':P'{) RAT E <br />f : : v. ~ .~~ f. ~ "i <br />- ....,... , ,.. ~ <br />~, ; " q ; - . - S ~"A L <br />:-, <.-'.;..?,... ~\;'>.'::' <br />q ill 0\ ' <br />>. ,~ttest: '1 <br /> <br />By <br /> <br /> <br />j <br /> <br /> <br />'L <br /> <br />By <br /> <br />Donald F. <br /> <br />Page 2 of 2 <br />